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Band-aids for financial crisis will fail unless the structural causes of poverty are addressed
The economic meltdown which has spiralled in past days will have a devastating effect on people living in poverty and requires a sustained and structural approach to ensure short-term fixes do not lead to long-term damage.
In a week when both Indian and Brazilian heads of state warned that developing countries and emerging economies should not be punished for the poor financial management of the rich, GCAP has called for a regulatory framework that leads to a financial and fiscal systems that work for the rights of all so that the Millennium Goals can be met.
The market fluctuations of past months and days are having a dramatic impact on people who already experience poverty as they are least able to cope with such economic shocks. If only a few percent of the massive spending on the global and national financial systems in the last year was used to build the capacity of local communities to grow their own food and have health and education, the crisis would not be so far reaching.
As the financial crisis grips, GCAP and partners are building to an unprecedented mobilization on October 17-19 when more than 67 million people, or 1% of the world’s population are expected to Stand Up and Take Action against poverty and inequality.
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